Quick review of yesterday’s trade strategy had traders looking for longs on pullback to 1567 – 69 zone…Actual support pivot was established at 1570…Pivot longs were initiated at 1573…The potential for relief rally was strong as price action pushed higher to achieve daily targets into 1582-86 zone…Here is excerpt from strategy…“As long as any further pullbacks can hold 1567 – 69 zone, price has potential for relief rally back to 1582 – 86 zone.”
In overnight trade price found support at Daily and 3D Central Pivot Zone (CPZ) at 1573.00…Currently price is trading 1588 pushing higher for critical test of monthly and quarterly pivots at 1590 handle. There is potential for significant supply between 1590 – 97 zone so stay alert for any reversal signal generated from this area.
Key downside support will be 1573 CPZ zone mentioned above…IF violated, THEN deeper correction measures 1565 – 69 zone.
I know anything can happen, and I can handle anything that does happen. I am open minded. My thoughts and perceptions are clear. I know what to look for. I have rehearsed everything. I adapt to change. I will listen to my indicators and the patterns that emerge. I will adjust and not demand that things continue as they first started.